Purpose of Audit

The purpose of our audit was to assess District officials’ management of the District’s financial condition for the period July 1, 2014 through December 3, 2015.

Background

The Greene Central School District is located in the Towns of Coventry, German, Greene, McDonough, Oxford and Smithville in Chenango County; the Towns of Barker and Triangle in Broome County; and the Town of Willet in Cortland County. The District, which operates four schools with approximately 1,070 students, is governed by an elected seven-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year total approximately $24.7 million.

Key Findings

• The Board did not adopt a reserve policy that established reserves to be used, how they would be funded and when they would be used.
• The District’s reserve for compensated absences was overfunded.

Key Recommendations

• Adopt a reserve policy that establishes reserves to be used, how they will be funded and when they will be used.
• Review all reserve balances and transfer excess fund balance, where allowed by law, or use the reserve funds for their designated purposes